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City of Troy Adopts Tax Rate and Budget
Posted Date:
9/10/2013
The City of Troy adopted a tax rate of 54.75 Cents ($0.5475) on each One Hundred Dollars ($100.00) assessed value of taxable property on September 9th, 2013

The City of Troy adopted a tax rate of 54.75 Cents ($0.5475) on each One Hundred Dollars ($100.00) assessed value of taxable property on September 9th, 2013, which represents an increase in total tax revenues from properties on the tax roll in the preceding year by 30.637079 percent. Of this rate, 42.02 Cents ($0.4202) will be used for the purpose of defraying the current expenses and budget of the municipal government of the City, and 12.73 Cents ($0.1273) will be utilized to pay the interest and principal maturities on all outstanding debt, which includes the issuance of $1,500,000, Series 2013, Combination Tax and Revenue Certificate of Obligation at 2.990% to Compass Bank.


The average taxable value of a residence homestead in the City of Troy this year is $96,470. With the adoption of the tax rate ($0.5475), the amount of taxes imposed this year on the average home will be $123.86 more than it would have been if the City of Troy would have adopted the effective tax rate ($0.4191) for this year. 


This tax rate will raise more taxes for maintenance and operations than last year's tax rate. The tax rate for maintenance and operations will effectively be raised by 7.99% and will raise taxes for Maintenance and Operations on a $100,000 home by approximately $31.10.


View the adopted FY2013-2014 Budget.

 

 
City of Troy    201 East Main Street    Troy, Texas 76579    |    Phone: 254.938.2505    |    Fax: 254.938.0440
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